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By JEFF WEINSTEIN , EDITOR IN CHIEF Mario Tricoci above 50 % and they have great relationships with their lenders . “ They trust us and will follow us for a long time ,” Tricoci says .
DEVELOPMENT PLANS The six hotels under development have delayed openings into 2022 . The Surety in Des Moines , Iowa , and Hotel Haya in Tampa , Florida , are set to open by yearend . The Daxton Hotel in Birmingham , Michigan , the Jasper Hotel in Fargo , North Dakota , and The Clayton in Denver , Colorado , will follow by early 2021 . The Hotel Heron in Alexandria , Virginia , is slated for mid-2022 . The portfolio is a mix of 100 % -owned assets , some with minority interests ; about half is strictly managed .
In July , Tricoci said Aparium signed a term sheet and was in full negotiation on an HMA in another major Midwestern market , adding that they are looking at a lot of opportunities . “ We ’ ve paused on the start-fromscratch development side of things ,” he adds . “ We probably have a better opportunity of getting things below replacement cost here in the near future .”
The group plans to raise an investment fund of US $ 150 million to US $ 200 million for strategic acquisitions . “ They have to fit with the Aparium model , and it ’ s a way for us to grow not only our real estate positions , which is a little secondary , but our management portfolio ,” says Tricoci , who came from an entrepreneurial family .
He cites individual assets that will become unencumbered , which they could slide into and reposition ; busted development deals where it can infuse Aparium ’ s spin ; and opportunities with cool assets where owner and operator can ’ t reopen .
“ There ’ s a lot of owners , partners and operators that are looking for help ,” Tricoci says . “ And we can be that assistance , not only with our expertise in how we operate and how we think about the post-COVID era , but with the capital we have to do it .”
‘ WE ’ RE ORIGINAL ’ Aparium is doubling down on its strengths and assets . “ By definition , we ’ re original . By definition , there ’ s authentic tissue there ,” Robinson says . “ We connect to the local market . We have all those relationships ( anywhere from 30 to 50 deals with local vendors ). It ’ s ensuring that those are leveraged , that they ’ re activated … We don ’ t replicate anything . We don ’ t take anything off the shelf and apply it . It is new thinking every single time . It ’ s inefficient by definition , but it ’ s the only way to stay truly independent .”
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